new draft urges doubling efforts against climate change

The new draft agreement presented this Saturday by the presidency of the COP26 climate summit urges developed countries to “at least double” funding by 2025 for the adaptation of developing countries to climate change. The issue of climate finance is one of the main stumbling blocks so far to find a pact at the summit in Glasgow (UK), which should have ended yesterday, Friday.

The new text maintains the call to speed up carbon removal and “inefficient fossil fuel subsidies” and notes “with serious concern” that with the national emission reduction targets announced so far the temperature will rise 13.7% in 2030 with respect to 2010. At the same point in which it is requested to accelerate the end of subsidies for hydrocarbons the “need for support for a just transition” is now also recognized.

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The document presented by the president of COP26, Alok Sharma, asks the parties that “review and reinforce” their national objectives emissions by 2030, in order to align them with the temperature goal set in the Paris Agreement, although “taking into account different national circumstances.” It also demands that update the report annually on those Nationally Determined Contributions (NDCs), which reflect each country’s efforts to reduce its emissions.

And in the thorny “loss and damage” section, or how developing countries are compensated for the impact of global warming, the draft establishes a “dialogue mechanism” to address how they would be financed. Observers agree despite everything that the new draft does not provide excessive news, and negotiators have recognized that there are still various contentious points that will need more effort to build consensus.

Source: LA INFORMACIÓN – Lo último by

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